By Ngozi Onyeakusi— Nigeria Insurers Association has disclosed that the insurance industry volume of business written grew to about N726.2 bn at the end of 2022 financial year.
This represents a growth rate of 33.3 percent when compared with the premium income of N569.1 generated in the preceding period of 2021 .

Addressing member companies at the association’s 52nd Annual General Meeting today in Lagos, the Chairman of the governing council of the association, Mr Segun Omosehin, stated that; “Despite the economic downturn being experienced in Nigeria, the insurance industry continues to take its pride of place in the Nigerian economic space as the driver, restorer of business and a dependable safeguard for national assets”.

He assured that the association is working closely with the National Insurance Commission NAICOM and other relevant stakeholders within the financial services sector and technology segment to promote the business of insurance and increase its contribution to national GDP. adding that it is expected that that some of the initiatives will lead to increased insurance penetration and density.

Omosehin regreted that the effort of the industry to ensure that insurance industry bill was signed into law was not achieved.

” As you are already aware, the Association made spirited efforts to ensure that the Consolidated Insurance Bill was signed into law during the lifetime of the 9″ National Assembly but unfortunately, this was not achieved.

As an Association, we did our level best to push for the passage of the Bill in the firm belief that it presents the brightest opportunity for us to amend the insurance Act 2003 and reposition the insurance industry to enable it operate inline with global best practice.

We thank members of the Governing Council and indeed, our past chairmen who worked tirelessly to make sure that the bill was signed”, he said.

He assured that the association will review the process and take the next steps in the coming months after due consultation with all relevant stakeholders.

Speaking further he noted that there had been ongoing discussions in the sub-region about the issue of domestication of ECOWAS Brown Card in Nigerian market. ” I am delighted to report that that this has finally come to fruition with the increase in premium rates for motor vehicle insurance as contained in NAICOM Circular of December 22, 2022..